Research

At B. Riley, our research process is an interactive one where we perform extensive due diligence on companies until the analyst develops the knowledge base and understanding of the company and the industry to make a recommendation. Our analysts continuously monitor industry developments and communicate with the management, competitors, suppliers and customers of the companies we follow, regularly communicating our findings through Research Updates and daily Morning Notes.

While we do not necessarily publish research on all of the companies we review, the knowledge base and understanding of many of our monitored companies parallels that of our covered companies. We actively cover over 100 companies and monitor an additional 100. Our analysts cover small to mid-cap companies that are under-followed or misunderstood by Wall Street. We believe that the pricing of small cap equities is frequently inefficient, and therefore provides the greatest potential rewards to diligent security analysis.

This Week's Research

  • 10/31/14 Update ONNN ($8.01, Buy; $12.50 PT): C15 EPS Ramp Catalysts Coming Into Clearer Focus; Buy, PT Is $12.50
  • 10/31/14 Update OUTR ($56.58, Neutral; $49.00 PT): Underlying Q3 Trends/Metrics Along with Tepid Q4 Guidance on a Meaningfully Stronger Disc Slate Highlight our Recent…
  • 10/31/14 Update AXTI ($2.18, Buy; $3.10 PT): SOI Displacement Cycle Mostly Over; Raising Estimates and PT from $2.50 to $3.10; Upgrading from Neutral to Buy
  • 10/31/14 Update IMMR ($8.48, Buy; $16.50 PT): Q3 EPS Beat Despite Top Line Miss; Compelling FCF Growth Story
  • 10/31/14 Update COHU ($11.12, Buy; $14.50 PT): Results And Outlook Solid As Company Continues New Product Ramps
  • 10/31/14 Update CSGP ($161.23, Buy; $227.00 PT): Reports Strong Q3 Results and Raises FY ’14 Guidance; Tempers FY ’15 Expectations
  • 10/31/14 Update HGG ($5.60, Neutral; $6.00 PT): Poor 3Q, But The Turn Might Be Now If Execution Improves
  • 10/31/14 Update OPLK ($17.03, Buy; $26.25 PT): New Datacom Customer Additions Fueling Growth; Raising Estimates and PT from $25.00 to $26.25; Reiterate Buy
  • 10/31/14 Update BCOV ($5.95, Neutral; $7.50 PT): Slight Beat, but Not Out of the Woods as of Yet; Maintain Neutral
  • 10/31/14 Update GPX ($31.44, Buy; $33.00 PT): Reports Q3 ’14 Results; Reiterate Buy Rating and $33.00 Price Target
  • 10/31/14 Update SHOO ($31.15, Buy; $42.00 PT): Q3 in line with pre-announcement; positioned to pounce on the next fashion driver to emerge; prudently acquiring; phenomenal…
  • 10/31/14 Update PCTI ($7.37, Buy; $11.50 PT): Meets EPS on Below-guidance Revenue; Pushing Growth Expectations due to Connected Solutions Weakness but Maintaining…
  • 10/31/14 Update MCHP ($42.90, Neutral; $46.00 PT): Updates And Moderates Correction View; Ests Decline But PT To $46.0
  • 10/31/14 Update GRPN ($6.26, Buy; $7.75 PT): Solid 3Q; 4Q Guide Down due to Conservatism and FX; Asia for Sale
  • 10/31/14 Update REMY ($17.55, Buy; $29.00 PT): Beats Q3 and Now Trades For Just 7x Cash EPS; Take Advantage of FNF Spin-Related Weakness; Raising Estimates; Reiterate…
  • 10/31/14 Update NILE ($34.54, Buy; $48.00 PT): As Expected, Solid 3Q And Favorable 4Q Guide
  • 10/31/14 Morning Note B. Riley & Co. Morning Notes: AXTI, AVP, BCOV, COHU, CSGP, GPX, GRPN, HGG, IMAX, IMMR, MCHP, NEWP, NILE, ONNN, OPLK, OUTR, PCTI, REMY, SHOO, SIMO,…
  • 10/31/14 Update TREC ($12.69, Buy; $17.50 PT): Reports Q3 ’14 Results Above Our/Consensus Estimates
  • 10/31/14 Update AVP ($9.97, Neutral; $11.00 PT): Downgrading from Buy to Neutral on Lower Confidence that Avon Can Generate Organic Sales Growth—PT from $16 to…
  • 10/30/14 Update SIMO ($23.09, Buy; $34.25 PT): SIMO Shares Slip Despite Stellar Fundamentals, Increasing SSD + Embedded Share; Increasing Estimates and Maintaining…
  • 10/30/14 Update NEWP ($18.92, Buy; $23.75 PT): Mixed 3Q/4Q Results/Guide; Tweaking Estimates and Lowering PT from $24.50 to $23.75; Maintain Buy
  • 10/30/14 Update REIS ($23.34, Buy; $30.00 PT): Reports Upside Q3 Results; Strong New Product Plans
  • 10/30/14 Update AKAM ($54.22, Buy; $69.00 PT): Solid Quarter Indicates Underlying Secular Tailwinds and Conservative Guidance Provides Good Entry Point
  • 10/30/14 Update MPX ($7.72, Neutral; $8.25 PT): Reports Soft Q3, But Production on the Rise in Q4 and New Products Appear Well Received; Trimming Estimates & PT to…
  • 10/30/14 Update ISIL ($12.65, Buy; $17.00 PT): Sales Miss Surprises But Margin Upside, C15 Growth Persists; PT $17.0
  • 10/30/14 Update FORM ($7.09, Buy; $10.00 PT): Reports Impressive Results And Outlook On Industry/Co Specific Drivers
  • 10/30/14 Update CAMT ($3.61, Buy; $5.00 PT): Weaker Semiconductor Revenues Offset Positive Gryphon Progress
  • 10/30/14 Update EVOL ($11.38, Neutral; $11.00 PT): Earnings Preview: Downgrading from Buy to Neutral on Price as EVOL Attains $11.00 PT Ahead of Q3 Report
  • 10/30/14 Update AFOP ($12.99, Neutral; $12.25 PT): Weak 3Q/4Q Results/Guide; Lowering Estimates and PT from $14.75 to $12.25; Maintain Neutral
  • 10/30/14 Update ISSI ($12.71, Buy; $17.00 PT): Progress In Mixed Print/Outlook; Pull Back An Oppty For Upside To $17.0
  • 10/30/14 Update DWA ($23.29, Neutral; $25.00 PT): Reports Solid Q3 Results; Optimistic on Underlying Revenue and Profit Trends…But Waiting for Increased Consistency…
  • 10/30/14 Update STMP ($35.91, Neutral; $33.75 PT): Q3 ’14 Earnings Preview; Maintain Neutral Rating and $33.75 Price Target
  • 10/30/14 Update BIRT ($4.22, Neutral; $5.00 PT): Q3 ’14 Earnings Preview; Maintain Neutral Rating and $5.00 Price Target
  • 10/30/14 Update JDSU ($12.43, Neutral; $12.50 PT): Soft U.S. Carrier Spending Leads to Mediocre F2Q Outlook; Raising EPS Estimates and PT from $11.75 to $12.50; Maintain…
  • 10/30/14 Morning Note B. Riley & Co. Morning Notes: AFOP, AKAM, BIRT, CAMP, CAMT, CLX, COHU, DWA, EVOL, FORM, ISIL, ISSI, JDSU, MPX, NWL, PCTI, REIS, REMY, SIMO, STMP;…
  • 10/29/14 Update PCTI ($7.27, Buy; $11.50 PT): Earnings Preview: Missed Connections Could Weigh on Q3 Results
  • 10/29/14 Update COHU ($10.78, Buy; $14.50 PT): Adjusting 4Q14 Estimates For Seasonal Trends; Maintain Buy
  • 10/29/14 Update B. Riley & Co. Industry Update - Automotive Aftermarket (DORM, MPAA, REMY)
  • 10/29/14 Update UNTD ($11.22, Buy; $20.75 PT): Earnings Preview: Reiterate Buy; Deep Value Stock with Multiple Emerging Growth Opportunities; Just 1.9x FY ‘15e…
  • 10/29/14 Update HGG ($6.58, Neutral; $7.00 PT): Consensus EPS Seems Hard To Meet
  • 10/29/14 Update AMC ($24.40, Buy; $28.00 PT): Q3 Results Show Competitive Share Gains in a Tough Film Slate; Not a “Royals” Quarter, but Remains Well Positioned…
  • 10/29/14 Update PRGX ($5.84, Buy; $7.50 PT): Reports Disappointing Q3 ’14 Results; Reducing Estimates But Reiterating Buy Rating and $7.50 Price Target
  • 10/29/14 Update NILE ($30.60, Buy; $48.00 PT): Dropping Diamond Costs Should Aid 3Q And Outlook
  • 10/29/14 Update CSCD ($10.44, Buy; $14.00 PT): Results And Outlook Beat On Impressive Production Probe Growth
  • 10/29/14 Update GSM ($18.51, Buy; $22.00 PT): Update on Market Conditions Following Meetings With Industry Contacts
  • 10/29/14 Morning Note B. Riley & Co. Morning Notes: AKAM, AMC, CSCD, DORM, EGHT, FORM, GRPN, GSM, HGG, IIVI, IMMR, IPAR, LGF, NILE, OPLK, PRGX, SWKS, UNTD
  • 10/29/14 Update IIVI ($13.42, Neutral; $13.75 PT): F1Q/F2Q Results/Guide Above/Below Consensus; Reducing FY15 Estimates and PT from $14.25 to $13.75; Maintain Neutral
  • 10/29/14 Update FORM ($7.14, Buy; $10.00 PT): Earnings Preview: Expect 4Q14 Profitability In Seasonal Trough Quarter
  • 10/29/14 Update OPLK ($17.03, Buy; $25.00 PT): Earnings Preview: Expect In Line F1Q Results, but F2Q Consensus Estimates Look Risky; Wait for the Print
  • 10/28/14 Update IPAR ($27.77, Buy; $35.00 PT): “Extremely Promising” Launch of Jimmy Choo Man – 2014 Guidance Reaffirmed; Maintaining $35 Price Target
  • 10/28/14 Update IMMR ($8.34, Buy; $16.50 PT): Earnings Preview: Valuation Disconnect; Near-Term Focus Masks Sizable FCF Grower
  • 10/28/14 Update GRPN ($6.00, Buy; $8.50 PT): Earnings Preview: Expect In Line Quarter and Guidance; Focus on Domestic Deals and Year End Goals
  • 10/28/14 Update AKAM ($56.96, Buy; $68.00 PT): Earnings Preview: Reducing Estimates for FX; Core Business Intact with Sales Team Reaching Productivity in 3Q14
  • 10/28/14 Update DORM ($42.10, Sell; $32.50 PT): Dorman Sales Growth Sputters Due to Rising Channel Inventory as it Reports Top and Bottom Line Miss; Reiterate Sell
  • 10/28/14 Update SNAK ($13.06, Buy; $14.25 PT): Lowering Estimates and Price Target Based on Prospectus Guidance; Discontinuing Coverage
  • 10/28/14 Update GIG ($0.99, Buy; $2.00 PT): Reports 3Q/4Q Above/In Line; Raising EPS Estimates while Lowering PT from $2.10 to $2.00; Reiterate Buy
  • 10/28/14 Update Household/Personal Care: Weekly Highlights (CL, FTD, HYH, JAKK, KMB, LMCA, PG, TUP)
  • 10/28/14 Morning Note B. Riley & Co. Morning Notes: CAMT, CSCD, CSGP, DCO, DLB, GIG, GPX, IVAC, JDSU, MRVL, NEWP, PRGX, RGC, SIMO, SNAK, SNDK, TREC, TYPE; Consumer Products…
  • 10/28/14 Update Industry Update: Semi+Semi Cap Week #3 Previews - Here Comes ISSI, ISIL, MCHP, And ONNN
  • 10/28/14 Update NEWP ($17.95, Buy; $24.50 PT): Earnings Preview: Even with V-Gen Acquisition, 4Q Consensus Estimates Look Aggressive; Wait for the Print
  • 10/28/14 Update JDSU ($12.18, Neutral; $11.75 PT): Earnings Preview: F2Q Consensus Estimates Look Risky as the Comm. Equipment Industry Remains Choppy; Maintain Neutral
  • 10/28/14 Update GPX ($28.76, Buy; $33.00 PT): Q3 ’14 Earnings Preview; Reiterate Buy Rating and $33.00 Price Target
  • 10/28/14 Update SIMO ($24.18, Buy; $34.25 PT): Earnings Preview: Raising Q3 and Forward Projections on Embedded and SSD Controller Strength; Raising PT from $32.00…
  • 10/28/14 Update CAMT ($3.85, Buy; $5.00 PT): Earnings Preview – Investors Remain Focused On Gryphon Progress
  • 10/28/14 Update Industry Update: Media & Entertainment Sector - Week 3 Earnings Previews
  • 10/28/14 Update TREC ($11.82, Buy; $17.50 PT): Earnings Preview: Expect Q3 Results In Line With Our Estimates or Better
  • 10/28/14 Update DCO ($28.82, Buy; $37.50 PT): Commercial Aerospace Progress Slowed by Military & Space Declines; Trimming Estimates, PT from $38.50 to $37.50
  • 10/28/14 Update RGC ($23.07, Neutral; $23.25 PT): Competitors Pressure Q3 Results; Exploration of Strategic Alternatives Could Help to Demonstrate Attractiveness…
  • 10/28/14 Update CSGP ($148.30, Buy; $227.00 PT): Q3 ’14 Earnings Preview: Expect Results In Line With Our Estimates and In Line or Raised Guidance
  • 10/28/14 Update IVAC ($7.35, Neutral; $6.75 PT): 3Q Results Beat But 4Q Misses And C15 HDD Expectations Pushed Out
  • 10/28/14 Update TYPE ($27.86, Buy; $39.50 PT): Q3 ’14 Earnings Preview; Reiterate Buy Rating and $39.50 Price Target
  • 10/27/14 Update CSCD ($10.07, Buy; $14.00 PT): Earnings Preview: Expect In Line Results And Outlook; Maintain Buy
  • 10/27/14 Update REIS ($22.96, Buy; $30.00 PT): Earnings Preview: Expect In Line or Better Q3 Results
  • 10/27/14 Update PRGX ($5.90, Buy; $7.50 PT): Q3 ’14 Earnings Preview; Reiterate Buy Rating and $7.50 PT
  • 10/27/14 Update CL ($65.35, Neutral; $68.00 PT): A Pretty Bad Quarter—Cutting Estimates, Largely Due to FX
  • 10/27/14 Update Industry Update: Optical Components - Mixed/Positive Optical Datapoints
  • 10/27/14 Update PG ($85.16, Neutral; $91.00 PT): Weak Sales Growth But Gross Margin Expands; Reducing Estimates
  • 10/27/14 Update ACW ($4.28, Buy; $6.00 PT): Upgrading to Buy with $6.00 Price Target; As ACW Approaches Massively Accretive Refi, This $200MM MCap Could Generate…
  • 10/27/14 Morning Note B. Riley & Co. Morning Notes: ACW, CL, GIG, IIVI, PG, PRGX, REIS; Optical Components (EMKR, FN, FNSR, IIVI, JDSU, NPTN, OCLR, OPLK)
  • 10/24/14 Update WMAR ($9.67, Buy; $12.00 PT): Mixed Q3, But FY Guidance Reaffirmed; Business is Turning, But Elevated Investment Spend Triggers Lower Estimates; Price…
  • 10/24/14 Update B. Riley & Co. Industry Update: Internet (GOOGL, NAME, WWWW)